FNGD vs SGMT: Correlation
MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Sagimet Biosciences Inc. - Series A (SGMT) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and SGMT?
Over the past 3 years, FNGD and SGMT moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2899.6 %².
Within FNGD's tracked universe of 1743 assets, SGMT comes in at #862 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SGMT ahead by 93.9 points (-55.7% versus +38.2%). Risk is not evenly split, since SGMT carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs SGMT: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | SGMT (Sagimet Biosciences Inc. - Series A) | |
|---|---|---|
| 1-year return | -55.7% | +38.2% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 75.7% | 126.2% |
| Beta vs S&P 500 | -4.54 | 3.24 |
| Max drawdown (3Y) | -97.6% | -89.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | SGMT |
|---|---|---|
| 2022 | +52.2% | – |
| 2023 | -90.1% | – |
| 2024 | -76.6% | -17.0% |
| 2025 | -61.4% | +31.6% |
| 2026 | -49.5% | +81.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and SGMT good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and SGMT?
The FNGD/SGMT correlation stands at -0.30 on a 3-year window (1 year: -0.38, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SGMT a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNGD correlations · SGMT correlations
